Business Week Index

The production index has been revised back to January, 1992, to reflect the

benchmark revisions to the Federal Reserve's index of industrial production,

new component weights, and new seasonal factors. Historical data is available

from BUSINESS WEEK. In the week ended Mar. 15, the index increased. Before

calculation of the four-week moving average, the index rose to 122.7, from

122.1, on gains in the seasonally adjusted output of trucks and rail-freight

traffic.

BW production index copyright 1997 Bloomberg L.P.

BusinessWeek Index
PRODUCTION INDICATORS
                                                LATEST    WEEK      YEARLY
                                                 WEEK      AGO %     CHG
      STEEL (3/22) thous. of net tons            2,120     2,102 #    1.8
      AUTOS (3/22) units                       127,423   126,686 r#  60.1
      TRUCKS (3/22) units                      130,141   139,360 r#  43.6
      ELECTRIC POWER (3/22) millions of kilo-
      watt-hrs.                                 59,339    59,387 #    2.5
      CRUDE-OIL REFINING (3/22) thous. of
      bbl./day                                  14,079    13,715 #    1.8
      COAL (3/15) thous. of net tons            20,800 #  20,443     -2.4
      LUMBER (3/15) millions of ft.              509.0 #   510.6     13.8
      RAIL FREIGHT (3/15) billions of ton-miles   27.4 #    26.9      1.9
      
      Sources: American Iron & Steel Institute, Ward's Automotive Reports, Edison 
      Electric Institute, American Petroleum Institute, Energy Dept., WWPA1, SFPA2, 
      Association of American Railroads
      
      LEADING INDICATORS
                                                 LATEST  WEEK    YEARLY
                                                  WEEK    AGO    % CHG
      STOCK PRICES (3/21) S&P 500               784.10   793.17   20.5
      CORPORATE BOND YIELD, Aaa (3/21)            7.61%    7.42%   2.7
      INDUSTRIAL MATERIALS PRICES (3/21)         107.6    108.3   -2.1
      BUSINESS FAILURES (3/14)                      NA       NA     NA
      REAL ESTATE LOANS (3/12) billions             NA       NA     NA
      MONEY SUPPLY, M2 (3/10) billions        $3,875.0 $3,870.6r   4.5
      INITIAL CLAIMS, UNEMPLOYMENT (3/15) thous.   312      309  -18.3
      
      Sources: Standard & Poor's, Moody's, Journal of Commerce (index: 1990=100), Dun 
      & Bradstreet (failures of large companies), Federal Reserve, Labor Dept.
      
      PRICES
                                                LATEST    WEEK    YEARLY
                                                 WEEK     AGO      % CHG
      GOLD (3/26) $/troy oz.                   346.050   349.100   -13.6
      STEEL SCRAP (3/21) #1 heavy, $/ton        136.50    136.50   -1.8
      COPPER (3/21)  cents/lb.                   117.7     117.0   -2.7
      ALUMINUM (3/21)  cents/lb.                  80.0      80.5   4.6
      COTTON (3/22) strict low middling 1-1/16 in.,
      cents/lb.                                  70.63     72.74   -14.1
      OIL (3/25) $/bbl.                          20.77     21.77   -6.7
      CRB FOODSTUFFS (3/25) 1967=100            245.28    243.36   4.1
      CRB RAW INDUSTRIALS (3/25) 1967=100       339.19    339.92   2.3
      
      Sources: London Wednesday final setting, Chicago market, Metals Week, Memphis 
      market, NYMEX, Commodity Research Bureau
      
      FOREIGN EXCHANGE
                                                LATEST     WEEK     YEAR
                                                 WEEK       AGO     AGO
      JAPANESE YEN (3/26)                       124.23    122.72   106.61
      GERMAN MARK (3/26)                          1.69      1.68     1.49
      BRITISH POUND (3/26)                        1.63      1.60     1.52
      FRENCH FRANC (3/26)                         5.70      5.67     5.07
      ITALIAN LIRA (3/26)                       1685.5    1687.8   1579.5
      CANADIAN DOLLAR (3/26)                      1.37      1.38     1.36
      MEXICAN PESO (3/26)3                       7.893     7.925    7.540
      TRADE-WEIGHTED DOLLAR INDEX (3/26)         105.1     104.8     99.6
      
      Sources: Major New York banks. Currencies expressed in units per U.S. dollar, 
      except for British pound in dollars. Trade-weighted dollar via J.P. Morgan.
      
      INTEREST RATES
                                                  LATEST  WEEK   YEAR
                                                   WEEK    AGO   AGO
      FEDERAL FUNDS (3/25)                         5.57%  5.42%  5.23%
      COMMERCIAL PAPER (3/26) 3-month              5.70   5.53   5.37
      CERTIFICATES OF DEPOSIT (3/26) 3-month       5.66   5.52   5.34
      FIXED MORTGAGE (3/21) 30-year                8.09   7.98   8.05
      ADJUSTABLE MORTGAGE (3/21) one-year          5.85   5.86   5.77
      PRIME (3/21)                            8.25-8.50   8.25   8.25
      
      Sources: Federal Reserve, HSH Associates, Bloomberg Financial Markets
      
      #Raw data in the production indicators are seasonally adjusted in computing the 
      BW index (chart); other components (estimated and not listed) include machinery 
      and defense equipment. 1=Western Wood Products Assn.   2=Southern Forest 
      Products Assn.   3=Free market value   NA=Not available   r=revised   NM=Not 
      meaningful
      
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